Info

Financial Symmetry: Balancing Today with Retirement

When considering retirement, do you wonder what financial opportunities you may be missing? Busy lives take over and years pass without taking advantage. In this retirement podcast, the Financial Symmetry advisors unveil financial opportunities, to help you balance enjoying today so you are ready to retire later. By day, they are fiduciary fee-only financial advisors who answer questions about tax savings, investment decisions, and how to save more. If you’ve been putting off your financial to-do list or are just not sure what you’ve been missing, subscribe to the show and learn more at www.financialsymmetry.com. Financial Symmetry is a Raleigh Financial Advisor. Proudly serving clients in the Triangle of North Carolina for over 20 years.
RSS Feed Subscribe in Apple Podcasts
Financial Symmetry: Balancing Today with Retirement
2022
November
October
September
August
July
June
May
April
March
February
January


2021
December
November
October
September
August
July
June
May
April
March
February
January


2020
December
November
October
September
August
July
June
May
April
March
February
January


2019
December
November
October
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April
March
February
January


2017
December
November
October
September
August
July
June
May
April
March
February
January


2016
December
November
October
September
August
July
June
May
April
March
February
January


2015
December


Categories

All Episodes
Archives
Categories
Now displaying: Category: Finance
Jan 3, 2022

At the start of every year, people are more motivated to get off on the right financial foot. This might mean contacting a financial advisor for the first time.

Video recap: https://www.youtube.com/watch?v=hEB2z530-Zc

So we put together a list of 5 questions we hear from those looking to hire a financial advisor.

If you are considering working with a financial advisor this year, you may want to use these questions to help you understand how the financial advising process works so that you can feel comfortable choosing the right advisor for you. Listen in to hear the most frequently asked questions and our answers.

Is your financial advisor a fiduciary?

Thankfully, the word fiduciary has gotten more publicity lately, so more people understand what it means. A fiduciary is a financial advisor that puts their clients’ best interests first. It is important to ensure that your advisor is a fiduciary so that you know that they will put your well-being ahead of the myriad conflicts of interests that can arise in this industry. 

How often will you review my situation?

The first question most clients have is how often we will review their finances. This usually depends on the client’s situation, but we usually review a specific financial area for every client each quarter. The specific areas that we focus on regularly are taxes, estate documents and financial plans, and of course, portfolios. 

We also have an automated system that checks each client’s portfolio every day. Our clients feel comfortable with these automated daily inspections. Our Client Center is another way that Financial Symmetry clients can assess their portfolios at their convenience. 

When and how is your fee charged?

At Financial Symmetry, we are fee-only financial advisors and completely open about what we charge. All of our fee information is available on our website. Our wealth management clients are charged quarterly whereas other clients choose to work on an hourly basis. Make sure you understand the fee structure of any financial advisor that you choose to work with.

How often do we meet?

Typically, in-person client meetings are held once a year, but of course, Covid changed everything. Communication can be had through phone calls, emails, or video conferencing. The frequency of meetings depends on the complexity of the situation.

Who is my primary point of contact?

Every advising firm has a different setup and who you meet with initially may not end up being your primary source of information that you work with. At Financial Symmetry, you’ll have the opportunity to work with a team of 2 advisors plus one other staff member. Listen in to hear why we work this way.

If you are thinking of hiring a financial advisor, make sure to add these 5 questions to your list of questions.

Outline of This Episode

  • [1:27] Are you a fiduciary?
  • [2:38] How often do you review my financial situation?
  • [5:50] When and how is the fee charged?
  • [9:10] How often will we meet?
  • [10:58] Can I contact you if I have questions?
  • [13:55] Who is my primary point of contact?

Connect With Chad and Mike

Subscribe To This Podcast

Apple Podcasts <> Stitcher <> Google Play

Aug 10, 2020

There are fundamental principles that we all need reminders of from time to time. As kids and grandkids are heading off to college, we're talking through 6 core principles to getting off on the right financial footing. We also include a chart demonstrating the power of saving 15% of your income. 

Youtube video recap: https://youtu.be/LLlJjITn6B8

If you can follow these 6 steps, it's very likely your future self will thank you.

6 Tips to Begin on the Right Financial Foot

  1. Know where your money is going. Track your spending. Review your spending periodically so that you can hold yourself accountable. Budgeting brings awareness to your spending and money habits. There are many online tools that you can use to help yourself with this task. 
  2. Don’t underestimate the impact of a large purchase on your finances. People often underestimate the impact of a large purchase such as a large house or car. Big purchases that you aren’t ready for can really impact your future self. The payments you make toward these purchases add up over time. Give yourself more freedom by buying smaller. It’s also important to keep in mind the total costs associated with those large purchases. Maintenance and insurance increase the costs of those big purchases. When contemplating a large purchase think about the time value of your money. This exercise can really help you make these decisions.
  3. Sign up for your employer-sponsored retirement plan. It’s important to take full advantage of the retirement plan that your company offers. Make sure that you are signed up for the company matching option if it is available. You want to take full advantage of compounding interest over the course of your working life. 
  4. Invest in a Roth IRA. The Roth IRA gives you 30-40 years of tax-free growth. You may not have access to a Roth as you get older due to income limitations, so it is a good idea to take advantage of it while you can. 
  5. Don’t skip risk planning. Young people often think of themselves as invincible, but life carries risks. Plan for those risks accordingly by utilizing health insurance, life insurance, and disability insurance. It is also important to create estate documents like a will as well as a financial and healthcare power of attorney. 
  6. Discuss money in relationships. Discuss goals and financial expectations with your partner. Don’t shy away from discussing your feelings about gifts, debt, saving, and investing. 

Visualize your future self

Your ability to create wealth impacted by your ability to earn as well as understanding how you spend money. If you have had trouble saving and investing, visualize your future self. When you are making a decision think about how it will affect you and your finances, not just now, but 20 or 30 years from now. What are you doing now to help your future self?

Outline of This Episode

  • [2:35] Know where your money is going
  • [5:15] Don’t underestimate the weight of bigger purchases
  • [7:23] Sign up for your employer-sponsored retirement plan
  • [9:27] Invest in a Roth IRA
  • [11:23] Don’t skip risk planning
  • [14:00] Discuss money in relationships
  • [16:38] Today’s progress principle

Resources & People Mentioned

Connect with Haley Modin

Connect With Chad and Mike

Subscribe To This Podcast

Apple Podcasts <> Stitcher <> Google Play

Dec 18, 2017

We read, write and talk a lot about better ways to build wealth, and after reading Dr. Daniel Crosby's latest book, The Laws of Wealth, we wanted to dive deeper on his 10 rules of wealth building. Daniel does a great job of weaving relevant stories in to topics that often can be overly complicated. 

In this episode, we walk through our favorite rules along with steps you can take to put these rules in to practice in your own life. Daniel's examples of why so many of us are overconfident will provide a laugh along with some head-nodding. This discussion will help you take a step back and evaluate potential flaws in your current wealth building journey. Understanding why we have trouble doing this on our own could be the best Christmas gift you receive this year.

Sep 26, 2017

For many, the open enrollment period is just another email you quickly delete thinking nothing has really changed since last year. But this passive approach can be extremely costly if new benefits are being offered or life changes you forget about throughout the year may have happened. On this episode we share some of our unique perspectives given how many different employee benefit packages we see regularly. We also reveal some of the more unique benefits companies are now offering that could be a nice benefit for you this fall. Find out how to assure you are picking the best options for your employee benefits this year.

You can find show notes and more information here: http://bit.ly/2xqX7kR

Nov 29, 2016

Many people don't have a great idea of what do do with their bonus at the end of the year. Should you spend it? Invest it all immediately? Invest it over the coming year? In this week's podcast, Chad and Mike explore your options and help you decide how to end your year. 

 

Music this week: 

Celebration (Single Version) – Kool & The Gang from the Album Celebrate! (1980) 

Don't Stop Believin' – Journey from the Album Greatest Hits (1988) 

Used under Fair Use. 

Sep 13, 2016

Much is made about keeping our physical fitness in good shape. But what about your financial fitness? In this episode, Chad and Mike discuss why its important to regularly take a survey of your financial fitness, and how you can improve it once you do.

Jul 12, 2016

One thing is certain, there are always going to be panics in the market. Political turmoil, natural disasters and other factors will cause markets to move, and can make you wonder: should I sell all my investments and hope that it gets better? Chad and Mike discuss these issues to discover how you can avoid making common investment mistakes with uncertainty in the markets.

May 10, 2016

In this episode, Chad and Mike discuss Prince's lack of estate documents, and offer advice for listeners who may not yet have considered the importance of preparing a will. You can read a text version of this post on Nasdaq.com.

Apr 26, 2016

This week, Mike and Chad take a look at the best financial gifts you can give a graduating high school or college student. 

Jan 19, 2016

As we've done in years past, we compiled our view of the top 10 economic stories from 2015, and what these stories may mean for 2016. 

You can find show notes and more information by clicking here: https://wp.me/p6NrVS-2uI

1